The Hang Seng gains 1.9% in a big session for Alibaba

By: News Team

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The Hang Seng gains 1.9% in a big session for Alibaba

The benchmark index of the Hong Kong Stock Exchange, the Hang Seng, closed today with gains of 1.89% a session in which the big winner was the Chinese e-commerce giant Alibaba, which added up to no less than 8.66%.

The good performance of the second largest selective company was due to the fact that its founder, Jack Ma, ceded this weekend the control of its techno-financial subsidiary (‘fintech’) Ant Group, another step in the process of “rectification” imposed by Beijing since the end of 2020.

The benchmark added 396.7 points to 21,388.34, while the index that measures the behavior of mainland Chinese companies listed on the Hong Kong parquet, the Hang Seng China Enterprises, advanced 1.99%.

Among the sub-indices, only Real Estate (-0.35%) stood out from the gains of Trade and Industry (+2.71%), Finance (+1.14%) and Services (+0.31%).

After Alibaba, the companies that offered the best performance were precisely its health services subsidiary, Alibaba Health (HK:0241) (+7.7%), and Xiaomi technology (HK:1810) (+7,65 %).

On the other side of the coin were real estate stocks such as Hang Lung Properties (OTC:HLPPY) (-3.24%) or CG Services (-5.24%).

The turnover of the session was 156,420 million Hong Kong dollars (20,037 million dollars, 18,734 million euros).

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